B2B Payments

Fintech Partnership Set To Bring Funding To UK Businesses

Online invoice trading firm MarketInvoice and online accounting software company Xero announced this week that they had entered into a strategic partnership to provide better funding to UK businesses.

According to a joint press release, the move will let businesses apply and be approved for funding directly through their accounting software in just 20 minutes. After the initial approval process, businesses can repeatedly generate finance with just three clicks by selling long-dated invoices directly to investors, reported the release.

“Accessing finance for a growing business has long been a painstaking process dogged by delays, hidden fees, and complex long-term contracts,” MarketInvoice CEO Anil Stocker said in a statement. “All of that is changing. MarketInvoice and Xero are both companies using innovation to shake-up jaded industries and this partnership changes the way businesses access finance.”

Stocker added that the partnership is essentially “harnessing two pioneering innovations to put power back in the hands of business owners.”

The constant challenge SMBs face is trying to access working capital, which isn’t helped by the fact their accounting data is trapped inside archaic systems, said Gary Turner, Xero UK MD.

However, Xero’s cloud-based accounting software eliminates these issues, he said.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.


Latest Insights: 

The Which Apps Do They Want Study analyzes survey data collected from 1,045 American consumers to learn how they use merchant apps to enhance in-store shopping experiences, and their interest in downloading more in the future. Our research covered consumers’ usage of in-app features like loyalty and rewards offerings and in-store navigation, helping to assess how merchants can design apps to distinguish themselves from competitors.



To Top